What can I do about being mis-sold a credit card?

daviesalie_2

Hoping someone can help.

About two years ago I was invited by my bank (Lloyds TSB) to have a review of my accounts.

Amongst other advice I was offered the Lloyds TSB Airmiles Duo card. I remember asking if the interest rate was the same as my then current cc with them and that subject was kind of skirted around. It definitely was not mentioned that the credit card I already had with them had a lower interest rate:mad:. I think the difference is about 2%. They processed my application and transferred the balance from my old card (think it was classic) to the new card (I did have approx 6mths interest free). I've been meaning to do something about this for the last two years, but I've just pushed it to the side. I'm now tackling my debts head on and would like to get this matter sorted, but not sure which avenue I should take. I was thinking a letter to the bank? Or have I left it too long?

Can anyone help please?

hippey

You really have left it too long, remember.... account review = sales pitch!

You did get 0% for 6 months and I'm guessing at the time thats what grabbed your attention and the actual rate got pushed to one side, infact every statement you get from lloyds will have the APR rate printed on it so I think you will struggle to prove after this long that it was mis-sold.

Of course it's worth speaking to them as you might get a rate reduction but it will be worth just shopping around, I'm sure someone on here will be able to suggest where to look, I'm not an expert in who is offering what, I just know how it works!

Jemma-T

daviesalie wrote: »

Hoping someone can help.

About two years ago I was invited by my bank (Lloyds TSB) to have a review of my accounts.

Amongst other advice I was offered the Lloyds TSB Airmiles Duo card. I remember asking if the interest rate was the same as my then current cc with them and that subject was kind of skirted around. It definitely was not mentioned that the credit card I already had with them had a lower interest rate:mad:. I think the difference is about 2%. They processed my application and transferred the balance from my old card (think it was classic) to the new card (I did have approx 6mths interest free). I've been meaning to do something about this for the last two years, but I've just pushed it to the side. I'm now tackling my debts head on and would like to get this matter sorted, but not sure which avenue I should take. I was thinking a letter to the bank? Or have I left it too long?

Can anyone help please?

Bank's done nothing wrong. You should be more responsible for your finances.

Never speak with your bank either unless you need something.

daviesalie_2

Jemma-T wrote: »

You should be more responsible for your finances.

I'd love to be perfect but we all have our faults!!!

CannyJock

daviesalie wrote: »

I was thinking a letter to the bank? Or have I left it too long?

Can anyone help please?

There's no such thing as mis-selling of credit cards, I'm afraid. The interest rate would have been spelled out in black and white and shown on your statements.

If you're needing advice on refinancing the debts on 0% cards then we might be able to help with some tips there.

izools

daviesalie wrote: »

I'd love to be perfect but we all have our faults!!!

And unfortunately in this instance it has resulted in your having no recourse for complaint.

As others have mentioned the APR was printed on every statement you've recieved and you had the choice to ask the Personal Banker "What is the APR" and say "No, leave things as they are" if the Personal Banker did not tell you or told you it would be higher.

And even if you didn't enter into a new credit agreement for the new card or weren't given an opportunity to read it before agreeing to it, the original credit agreement will have stated the APR as variable, so Lloyds could argue "OK fine, so we'll hold you to the terms of the original Classic credit agreement, which is a VARIABLE APR of 15.9%" or whatever it was.

Just grin and bear, all you can do.

You can always apply for a balance transfer card to take the debt elsewhere and rate tart 0% offers until you've got rid of the debt, going to be much more effective than arguing the toss with LTSB!